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Saturday, Sep 30, 2006

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Corporate - Restructuring
Agri-Biz & Commodities - Sugar
Sakthi Sugars restructures finances under CDR scheme

Our Bureau

Coimbatore , Sept. 29

Sugar major Sakthi Sugars has restructured its financials under the Corporate Debt Restructuring Scheme (CDR). This restructuring is expected to help the company save about Rs eight-nine crore every year on interest cost, its Vice Chairman and Managing Director Mr M. Manickam told Business Line.

The company has, pursuant to the approval of the CDR Empowered Group repaid all the loans and redeemed the preference shares and debentures covered under the CDR scheme and availed itself of fresh term loans from financial institutions and banks at lower rates.

The company has informed the stock exchange that under this restructuring scheme, it had redeemed 12-lakh Redeemable Cumulative Preference Shares of Rs 100 each aggregating to Rs 1200 lakh subscribed by ICICI and Karnataka Bank, partly convertible redeemable debentures (subscribed by IDBI, IFCI and ICICI) aggregating to Rs 752.61 lakhand non-convertible redeemable debentures aggregating to Rs 3539.40 lakh - subscribed by banks.

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